Pound Sterling Price News and Forecast: GBPUSD is steadily oscillating above 1.2400

FXStreet Team FXStreet

GBP/USD stabilizes above 1.2400 as USD index extends correction, US PCE in focus

GBP/USD is steadily oscillating above 1.2400 after a recovery move as USD Index has corrected to near 101.40. Upbeat US GDP and forward demand for Durable Goods have trimmed recession fears. UK FM Jeremy Hunt cited that tough decision taken by the administration in the autumn budget created a base for declining inflation.

GBP/USD

Overview
Today last price	1.2416
Today Daily Change	0.0018
Today Daily Change %	0.15
Today daily open	1.2398

Trends
Daily SMA20	1.2193
Daily SMA50	1.2142
Daily SMA100	1.1749
Daily SMA200	1.1968

Levels
Previous Daily High	1.24
Previous Daily Low	1.2283
Previous Weekly High	1.2436
Previous Weekly Low	1.2169
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2355
Daily Fibonacci 61.8%	1.2328
Daily Pivot Point S1	1.232
Daily Pivot Point S2	1.2243
Daily Pivot Point S3	1.2203
Daily Pivot Point R1	1.2437
Daily Pivot Point R2	1.2477
Daily Pivot Point R3	1.2554

Pound hits ceiling

The British Pound is testing the $1.2400 level this week, above which it failed to consolidate in the middle of last month. The GBPUSD has yet to trade consistently higher since last June. Looking at the entire rally from September's historic lows at 1.0327, the retreat from December's highs to 1.19 is a fairly common Fibonacci retracement to the 76.4% area of the original move, though not the classic 61.8%.

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, closes in on $5,400

Gold benefits from intense risk-aversion on Monday and climbs toward $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.